What’s new? Imbue Network!
What is Imbue?
Imbue Network is a decentralized crowdfunding DAO (Decentralized Autonomous Organization) based on the Polkadot blockchain technology. It is a global idea incubator that allows anybody, from any field of life and for any activity, to submit and vote on ideas worthy of financing. The platform aims to promote the implementation of user’s proposals, which disproves the widely held belief that web 3.0 lacks functionality. Founders may announce initiatives and how much money they believe they require by utilizing the power of the Polkadot ecosystem and the Substrate Framework. They also specify deliverables as milestones and divide the entire amount among them.
Imbue helps startups and innovators to raise cash for their initiatives from members of the community who support and believe in their concept. Initiators can submit ideas with an estimate of how much funding they believe they will require and stay connected for directly updating community members on their progress.
The Network is powered by the $IMBU token, which is mostly utilized for governance. A single $IMBU token is equal to one vote. The more money contributors put into a project, the more control they have over how funds are released. Imbue gets 3–5 percent of each successful fundraising, which is subsequently utilized for whatever the DAO decides is the best use of the funds.
Because Imbue Network is decentralized, anyone who contributes funds can raise concerns and put them to a vote. For example, if a project fails to meet the specified milestones, remaining funds can be returned by voting.
How it works
Imbue’s principle is that you are only rewarded for measurable achievements. They are not performing any seed sales or private transactions.
Step 1 (Submit)
An initiator introduces a concept and establishes the deadlines for its submission. Also it is required to set a financing target of a project .
Step 2 (Crowdfunding)
Community members contribute to the specified funding goal.
Step 3 (Funding released)
When the project meets its financing target, the initiator receives the initially demanded amount.
Step 4 (Milestone Submission)
The initiator submits the achievement of a milestone, and its contributors can vote with the $IMBU token.
Step 5 (Voting)
Only the original contributors have the ability to vote on a milestone’s success. If the initiative is successful, the funds for that milestone are provided to the initiator.
Imbue has made its public board available so that the community may see what each team member is working on. This sort of openness is unprecedented in the web3 environment.
Project promotes accountability using blockchain technology and aims to put an end to the crypto industry’s widespread frauds. Its philosophy is that you should only be rewarded for demonstrated growth.